U r b a n T r e k k e r

DC Area is Among U.S. Metro Biggest Polluters

THIS is a shocking news. Who would have thought that the area we live in produces more carbon dioxide (CO2) than several medium-size European countries combined?

"The estimate, by the Metropolitan Washington Council of Governments, seems to be the first official attempt to put a number on the region's contributions to climate change. And the number is big: 65.6 million metric tons of carbon dioxide were emitted here in 2005. That was more than in all of Hungary, Finland, Sweden, Denmark or Switzerland, each of which has more people."

via Washington Post

How about this? Emissions from coal-burning power plants and from cars, trucks sitting in traffic - are the two reasons 'why' this area has such a high level of CO2!

But the region still has many of the country's bad carbon habits. Washington's cars and trucks, which sit in traffic recently judged to be tied for second-worst in the country, account for 34 percent of area emissions. In total, transportation in the region accounts for 22.6 million metric tons of carbon dioxide, the equivalent of all of Lithuania's emissions and roughly five times what Nicaragua emits.

via Washington Post

Haven't seen the coal plants in MD, but close-by in the City of Alexandria..yes we do have one:  Mirant power plant. This Alexandria's smoke stacks is located across the street from condos at Marina Tower and surrounded by residential housing. There shouldn't be any questions why resale of condos at Marina Tower really slow despite the fact that its on the Potomac River waterfront (..oh, and also 'high' condo fee). Got triple-whammy there.

It has been for sometime, that the City of Alexandria along with elected officials and community activists -- have been trying really, really hard to close Mirant plant for 'good.'  At one time the plant was closed, then reopened temporarily and still on its active production status because the D.C. area needed back up power supply.

Image: Mirant Power Plant, Alexandria, VA

 

Arlington Building and Zoning Permit Hikes Approved

According to Arlington Insider, the Arlington County Board approves building and zoning permit increase, effective October 1, 2007 - which is just next week.

The Arlington County Board today approved fee increases for building and zoning permits expected to bring in nearly $7.5 million in new revenue for Fiscal Year 2008. The new fees go into effect October 1, 2007.

The 'fee increase' details.

• Building permit fees for new single-family homes and townhouses  would increase from $0.17 cents a square foot to $0.50 cents. For residential additions, permit fees would increase from $0.18 cents per square foot to $0.50 cents. Permits for residential alterations, such as homeowners making home improvements, would not change.The building permit fee increase for a 3,000 square-foot single-family home will be about $1,200.                         

• Permits for new commercial buildings and additions would increase from $0.19 cents a square foot to $0.70 cents and permits for commercial alterations would increase from $0.14 cents a square foot to $0.50 cents. Increases for electrical, mechanical and plumbing permit fees vary. The building permit increase for a new, 2,000 square-foot condominium unit will be about $1,275. A new 200,000 square-foot office building with an estimated construction cost of $28 million dollars will pay an additional fee of $127,000.

via Arlington Insider

Region Community News Roundup

Embassy Row Dupont Circle

Montgomery Home Prices A 7-Figure Shock [Washington Post]
"In a trend Montgomery County officials called shocking, the median price for a newly constructed single-family detached home in Montgomery rocketed to a record high of $1.13 million in the first quarter of this year, according to government data released yesterday."

* Metro Bus Approves the Sale Bus Garage Sale to Akridge [JDLand]
"Without too much discussion, the WMATA board of directors has just approved the sale of the Southeastern Bus Garage at Half and M streets to the John Akridge Development Company."

* 63 Percent Increase in Density Approved for Fairfax Corner [DC Examiner]
"Fairfax Corner, the popular 1.1 million-square-foot, mixed-use development that opened in central Fairfax in 2003, is about to get a whole lot denser."

* New Office Building OK'd for F.C.; City Center, Akridge Gains [FCNP]
"Get ready for more Art Nouveau architecture in downtown Falls   Church.An office building to fill four lots on the north side of the 800 block of West Broad Street in downtown Falls Church was given final site plan approval by the Planning Commission Monday night, making it the seventh large-scale new project approved for the City’s tiny commercial corridors since 2001."

* Merrifield Mixed-Use Project Wins Mixed-Reviews [Sun Gazette McLean]
"Providence District Council members had suggestions about DSF/Long Metro LLC's proposed condominium and retail development in Merrifield, but questioned whether the project was in keeping with the area's overall vision."

* APAH Housing Initiative Treads on New Ground [Sun Gazette Arlington]
"When the Arlington Partnership for Affordable Housing (APAH) formed in 1989, one of its goals was eventually to acquire the Courthouse Crossings garden apartment complex in North Arlington."

* From Custom to Commonplace [Washington Post]
"There's a point when home shoppers get past their initial awe and realize that no, the wet bar featured in the model isn't included in the base price. Neither is the home theater with stadium seating, nor the high-tech kitchen appliances."

* City Razing Homes, Not Building Them [Baltimore Sun]
"An affordable housing fund that was created two years ago to provide homes for the poor and the working class in Baltimore is instead being used to demolish old public housing units before there are firm plans to replace them."

* Beginning a New Life in Leesburg [Washington Spaces]
"Claude Zein has come a long way since growing up in war-torn Lebanon. His family moved three times when he was a child – after their homes had been burned and they’d lost everything."

* Arlington County Board Approves Building, Zoning Hikes [Arlington Insider]
"The Arlington County Board today approved fee increases for building and zoning permits expected to bring in nearly $7.5 million in new revenue for Fiscal Year 2008. The new fees go into effect October 1, 2007."

Va. Tax Free for 'Energy Star' Products

Thinking about buying a new energy efficient products, i.e. fridge, washer, dryer, AC, fans, etc?

Here's your incentives. The upcoming weekend from Friday, Oct. 5 to Monday, Oct. 8 - you can double-dip.

First, shop in Virginia because Governor Kaine signed a legislation that gives specifically tax free purchase (read: no Virginia sales and city tax) when you buy Energy Star products and spend $2,500 or less.

In addition to the state and city sales tax, your purchases also qualifies for Federal tax credit that is good until December 31, 2007.

From October 5 to October 8, consumers can visit their local retailers and save both state and local sales tax on ENERGY STAR qualified products that cost $2,500 or less. The following products are eligible:

• Ceiling Fans
• Compact Fluorescent Light bulbs (CFLs)
• Dehumidifiers
• Dishwashers
• Programmable Thermostats
• Refrigerators
• Room Air Conditioners
• Clothes Washers

via City of Alexandria   

Links:
* Energy Star qualified products [US EPA-US DOE]
* Federal Tax Credits for Energy Efficiencies   

Energy Guide Label

Ever wonder what's the use and how to read the energy guide label found in many of energy efficient appliances, i.e. refrigerator? I was clueless until I took Eco-Broker course.

The purpose of the label for consumers to use it for comparison shopping. It is a fair comparison using similar product and rate based (average national rates as opposed to average local rates).

Here is the how-to, via Energy Savers.

1- Estimated energy consumption on a scale showing a range for similar model.

2- Estimated yearly operating cost based on the national average cost of electricity. (emphasis mine)

Technorati Tags:  energy-efficient appliances ,  energy guide label ,  energy star ,  energy savers ,  eco-living ,  eco-friendly products ,  appliances ,  GE ,  electricity ,  green living ,  green strategies

Market Indicators for the Week

According to the latest survey from Mortgage Bankers Association for the week that ended September 21, 2007, the number of people applying for loans declined by 2.8%. Despite the Fed effort to cut Fed funds rate by 50-basis point, there hasn't been much changed in the direction of interest rate. In fact, interest rates was up.

According to BankRate.com, the average 30-year fixed rate mortgage in the country currently carries a rate of 6.4% which represents a reversal of course. (emphasis mine)

via Market Watch

Mortgage indicators

• Mortgage loan application volume declined by 2.8% from the previous week.
• Refinance index increased by 3.3% to 2026.5 from 1962 the previous week.
• Refinance share of the total mortgage activity was up 1.5% from 43.5% to 46.4%.

Interest rates trends (it's trending up!)

• The ave. interest 30-year fixed-rate mortgage increased to 6.38% from 6.29%.
• The ave. interest 15-year fixed-rate mortgage also up from 5.99% to 6.06%.
• The 1 year ARMs decreased to 6.09% from 6.39%.

via Mortgage Bankers Association

Trouble in the home equity credit market. The American Bankers Association says that delinquencies on home equity credit line rose to a 5-1/2 year high in second quarter of the year. The delinquencies rate rose to 0.77 % for the period.

Other economic indicators

• Weak dollar caused oil price reach record highs
• Merrill got 'ding' because of mortgage losses
• Tax Increase on Vacation-Home sales
• Builder's confidence in condo market drop to a lowest level in 5 years
• Housing starts fall 2.6% in August
• Resale market down by 4.3% in August

Not pretty picture, huh? I just want to add one thing. An insider in the mortgage industry, told me that the secondary market is tough. Meaning- potential buyers will soon need to come up with 20% down payment. The interest rates haven't gone down dramatically since.. Fed took action. So- buyers who have good credit score and some down payment will have to act soon. 

Close-out New Condominiums: Whitman, 1800 Wilson, Cameron Station, and Byron

[This is a long due post, because I visited these condominiums a couple of weeks ago.]

Image: Whitman

New Condominiums: Whitman, 1800 Wilson, Cameron Station and Byron

Having gone through so many different new condominiums the last few years, there is only few things that separates one condo to another, i.e. location, structural, exterior, interior including features offered, condo fee and prices. You might not care what a building is built from. But, from noise level perspective, a better quality condominium building is usually built on concrete using class A material. Once inside, you can tell the difference. Building built on wood, have high noise level!

I know what you're thinking. Before you go out there and try to deal direct, here is a word of advice.

One more thing, regardless who you are dealing with, make sure that you use the service of a Realtor. The sales rep works for the builder and not- you! 

It's all about representation. A builder's rep does NOT represent you! They represent the builder and their interests! And a Realtor, represents YOU. BIG difference.

Find out more about the prices, units available, features, amenities, etc., here.

* New Condominiums: Whitman, 1800 Wilson, Cameron Station and Byron [New Homes Trekker]

Technorati Tags:  Sears ,  energy-efficient appliances ,  green features ,  class A construction ,  condominium noise level ,  agency representation ,  Realtor ,  real estate representation ,  whitman ,  1800 wilson ,  cameron station ,  byron ,  live/work condos ,  green building

Price Differential: An Analysis

THE past couple of weeks I have been showing houses in sections of the City of Alexandria, especially Old Town and Del Ray neighborhoods. While driving through the neighborhoods, the question about price differential pops up. How in the world - home prices in McLean and Del Ray would be very competitive? I meant, it sounds normal when you see a house in Del Ray listed in the $700's, while at the same time some people grudge about how expensive homes in McLean are. Maybe this is 'the polarization' of pricing.

In actuality, there are external factors that get into the equation when it comes to pricing besides location. For example, community amenities. Walkable communities, i.e. urban living vs. suburban living. Easy access to transportation. Convenience. Walk to shops, restaurants vs. driving. And then, there is a premium that we pay for living close to a metro station. The T-O-D aka transit-oriented-development usually carries higher prices than the non T-O-D. People pay dearly to live in D.C. and Arlington's orange line hoods, because of this very same reason - access to Metro.

Sorting out through the data - this question comes up "does it mean that housing prices in McLean higher than other neighborhoods? Not always. It all depends...

IT is true that some homes in McLean are priced higher (on average) than other areas. However, I think there are other factors that get into the pricing mix. For example, the number of single homes in McLean on the market typically is higher than condos or townhouses. That is because, McLean has more supply of single homes than condominiums or townhomes.

Image: The Palladium, McLean

For some reasons, prior to sorting out through MRIS housing data, I thought houses in Del Ray 'always' costs less than McLean. The information gathered shows otherwise. There are homes for sale listed in the $600's - $800's range in both McLean and Del Ray. The difference lies on the type of life style, i.e. suburban vs urban living, older homes vs newer homes, smaller vs larger lots, walking to metro stations vs commuting. Etc. etc. Using the same price point, it also shows that Del Ray's houses tend to have smaller lots than McLean. That means, per square footage Del Ray is more expensive than McLean!

MIX of housing supply for specific neighborhoods: McLean, Old Town and Del Ray as of 9/23/07.

McLean (22101 and 22102)

• 286 single family homes
• 42 townhomes
• 100 condos

On the other hand, Arlington's orange line zip codes (22201, 22203, 22209) has more supply of condominiums, than single homes or townhomes. That's why the average median prices for Arlington is much lower than in McLean.

Arlington (zips: 22201, 22203, 22209)

• 79 single homes
• 36 townhouses
• 207 condos

And here's what the housing supply looks like for the other neighborhoods.

Del Ray (zip: 22301)

• 36 single homes
• 7 townhouses
• 1 condominium

Old Town (22314) 

• 12 single homes
• 95 townhouses
• 95 condos

The point is - you really have to dig deeper to analyze if the data make sense at all. It is not like one-size-fits-all. Each neighborhood offers an array of housing types and amenities that make a neighborhood unique by itself. Throw into the features: location.  You got the pricing right there. This is the place where it all begins...

Technorati Tags:  McLean ,  Del Ray ,  Arlington orange line zip codes ,  Arlington orange line condos ,  orange line ,  WMATA ,  Braddock station ,  King St. metro ,  housing supply ,  demand ,  housing economics

Market Indicators for the Week

The survey is for the week ends September 14 - right before the Fed cuts rate. Mortgage application up, refinance share, and interest rates also inched up.

• Mortgage Application index shows an increase of 2.4% from previous week of 673.2
• The refinance index increased 4.6% from holiday week of 1962.0
• The refinance share of mortgage activity increased to 43.5% from 42.1% a week before
• The ave. interest rate for 30-year fixed-rate mortgage up to 6.29% from 6.25%
• The ave. interest rate 15-year fixed-rate mortgage up to 5.99% from 5.9%
• The ave. interest rate 1 year ARM up to 6.39% from 6.34%

via Mortgage Bankers Association

Other indicators

• Housing starts fell 2.6% and permits were down 5.9% in August [BBOL]
• Oil hits $84 per barrel [Reuters]
• Euro hits $1.4 barrier to green back [CNN/Money]

Finally, odds of recession according to Greenspan.

Former Federal Reserve Chairman Alan Greenspan said the odds of a recession remain ``somewhat more'' than one in three even after this week's cut in interest rates, with home prices likely to drop further and hurt consumer spending.

via Bloomberg

Video Clip on Adams Morgan

HT to CoolTown Studios. It's different when you see it on a video. Makes you proud of the diversity of this neighborhood. From the producer of this video.

When most people think of Washington DC , they think of lobbyists or politicians who have no idea what people really need to realize their dreams and aspirations. While we won’t comment on that, it’s not at all the inside story of Adam’s Morgan, a diverse, vibrant neighborhood here in DC. Many people in this community choose to leave behind what doesn’t work about their lives, their work and their world, take matters into their own hands and become entrepreneurs of one sort or another – not just for themselves but for their community. This is our story.

via Ikea

See it for yourself, here.

Image: Wiki